KUALA LUMPUR: Ringgit Vs US Dollar – The ringgit is likely to remain within a stable range against the US dollar this week as markets continue to digest the global economic outlook, according to an analyst.
Dr Mohd Afzanizam Abdul Rashid, the chief economist at Bank Muamalat Malaysia Bhd, said Ringgit was likely to remain within a tight range of around 4.7000 after appreciating in the previous week.
He added that the market’s attention is now focused on the next Federal Open Market Committee meeting, scheduled for June 11 and 12.
He noted that the main issue affecting market sentiment is whether the US Federal Reserve (Fed) would cut the rates or let them remain as they are.
The main problem affecting market sentiment is whether the US Federal Reserve (Fed) will slash interest rates or leave them unchanged, he noted.
“That has been the main focus as the economic data has been quite mixed while Fed officials are signalling their hawkish stance on inflation,” he told Bernama.
Meanwhile, US non-farm payrolls data for May is also expected to weigh on market sentiment this week.
Last week, the ringgit rose to 4.7050/7080 against the US dollar, compared to 4.7100/7130 a week earlier.
